If
the qualified historical property under an active Mills Act contract
is destroyed by earthquake, fire, flood, or other natural disaster
such that in the opinion of the building official more than 60% of
the original fabric of the building or structure must be replaced,
the Mills Act contract may be cancelled, in accordance with the cancellation
provisions of the Mills Act, because the authenticity, integrity,
value and/or importance of the building structure will have been destroyed.
If the qualified historical property is acquired in whole or in part
by eminent domain or other acquisition by any entity authorized to
exercise the power of eminent domain, and the acquisition is determined
by the City Council to frustrate the purpose of the Mills Act contract,
then the contract may be cancelled in accordance with the cancellation
provisions of the Mills Act. No cancellation fee pursuant to Government
Code Section 50286 shall be imposed if a Mills Act contract is cancelled
pursuant to this subsection.